(AREA) -- A University of Michigan-Flint student hopes to use his graduation cap to take a bite out of his education debt. Alex Benda of St. Clair says he wants to cash in on the 10-inch by 10-inch hat by selling ad space in 1-inch squares on top. He says if he's able to sell 100 squares he'll have wiped out his about $30,000 in student loans. The 22-year-old international business major is scheduled to graduate in a few months. He says it's "scary" to think about trying to find a job while having so much debt. As of Monday morning, he's raised more than $1,200 online from 10 backers - but no square buyers had yet to make a pledge.